Co-Founder, Coastal Financial Partners Group, California
Life insurance covers the life insured in the policy, paying a death benefit when that person dies to a beneficiary named in the policy.
Life insurance offers protection, income replacement, and the chance to leave a legacy. With life insurance, you are protecting the people you care about the most by ensuring money will be available. Life insurance can also protect the business you own.
Life insurance covers the insured of the policy generally to indemnify the beneficiaries’ i.e. family members or business partner interests. The owner of the policy may also be the insured. But whoever owns the policy, controls the policy. And that means the policy owner could change the beneficiaries without their permission.
Life insurance policies cover death due to illness, accident, old age or any other reason (except suicide during the first two years). When you apply for life insurance, they ask questions about pre-exsiting conditions, and as long as you acknowledged them if asked, your policy will cover death due to those conditions. It also covers death due conditions that did not exist when you applied.
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Life insurance offers protection, income replacement, and the chance to leave a legacy. With life insurance, you are protecting the people you care about the most by ensuring money will be available. Life insurance can also protect the business you own.